Adani Enterprises Q3 Results: Firm Logs Rs 820 Crore In Net Profit, Revenue Zooms 42 Per Cent

Revenue from operations of Adani Enterprises has zoomed 42 per cent to Rs 26,612.2 crore from Rs 18,757.9 crore last year

Adani Group has appointed accountancy firm Grant Thornton for independent audits of some of its firms in a bid to discredit claims by short-seller Hindenburg Research.

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Adani Enterprises, a flagship firm of Adani Group, has clocked a consolidated net profit of Rs 820 crore for the October-December 2022 quarter, as against a loss of Rs 11.63 crore a year ago.

Revenue from operations of Adani Enterprises has zoomed 42 per cent to Rs 26,612.2 crore from Rs 18,757.9 crore last year.

Bloomberg estimates indicated that the company may logged a revenue of Rs 29,245 crore and a net profit of Rs 582.80 crore.

Gautam Adani, chairman of Adani group, said, "Our fundamental strength lies in mega-scale infrastructure project execution capabilities, organisational development, and exceptional O&M management skills comparable to the best in the world."

During the quarter, Adani Airports handled 20.3 million passengers (increase of 40 per cent YoY), 1,42,000 air traffic movements (increase of 21 percent YoY) and 1.8 lakh MT cargo, as per the earnings release.

"Our success is due to our strong governance, strict regulatory compliance, sustained performance, and solid cashflow generation. The current market volatility is temporary; and as a classical incubator with a vision of long-term value creation, AEL will continue to work with the twin objectives of moderate leverage and looking at strategic opportunities to expand and grow," said Adani added.

Shares of Adani Group firms continued to remain weak for the second day running on Tuesday amid a host of negative events surrounding the companies.

In the morning session, the scrip of Adani Enterprises plunged 4.89 per cent to Rs 1,633.55 on the BSE. However, Adani Enterprises recouped the losses. The shares were trading at Rs 1,776.70 apiece, up 3.46 per cent on the BSE on Tuesday.

Adani Group has appointed accountancy firm Grant Thornton for independent audits of some of its firms in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds, citing two persons privy to the development told news agency Reuters.